Edgestream Partners L.P. Reduces Holdings in Applied Industrial Technologies, Inc. $AIT

Key Points

• Edgestream Partners cut its Applied Industrial Technologies stake by 75.1% in the first quarter, selling 29,530 shares and retaining 9,802 shares valued at approximately $2.6 million. Institutional investors collectively own 93.52% of AIT.
• AIT shares opened at $345.55, near their 52-week high of $352.76, with a market capitalization of $12.77 billion. Analysts maintain a “Moderate Buy” consensus, with an average price target of $336.71.
• Applied Industrial Technologies declared a quarterly dividend of $0.51 per share, payable August 31 to shareholders of record August 14. The dividend implies an annualized payout of $2.04 and a 0.6% yield.

Edgestream Partners L.P. trimmed its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 75.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,802 shares of the industrial products company's stock after selling 29,530 shares during the quarter. Edgestream Partners L.P.'s holdings in Applied Industrial Technologies were worth $2,601,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Compound Planning Inc. lifted its position in Applied Industrial Technologies by 4.7% in the fourth quarter. Compound Planning Inc. now owns 822 shares of the industrial products company's stock valued at $211,000 after purchasing an additional 37 shares during the last quarter. US Asset Management LLC grew its holdings in shares of Applied Industrial Technologies by 3.3% in the fourth quarter. US Asset Management LLC now owns 1,266 shares of the industrial products company's stock worth $325,000 after purchasing an additional 41 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Applied Industrial Technologies by 7.4% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 653 shares of the industrial products company's stock worth $170,000 after buying an additional 45 shares during the period. Sanctuary Advisors LLC increased its stake in shares of Applied Industrial Technologies by 4.5% in the first quarter. Sanctuary Advisors LLC now owns 1,160 shares of the industrial products company's stock worth $308,000 after buying an additional 50 shares during the period. Finally, Focus Partners Wealth boosted its position in Applied Industrial Technologies by 4.5% during the 1st quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company's stock valued at $302,000 after buying an additional 58 shares during the period. 93.52% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Applied Industrial Technologies

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of the firm's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the completion of the transaction, the director owned 4,951 shares of the company's stock, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Warren E. Hoffner III sold 8,000 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $306.04, for a total transaction of $2,448,320.00. Following the sale, the vice president owned 40,751 shares in the company, valued at approximately $12,471,436.04. This trade represents a 16.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.60% of the company's stock.

Applied Industrial Technologies Trading Up 0.1%

AIT opened at $345.55 on Monday. The company has a quick ratio of 1.97, a current ratio of 2.95 and a debt-to-equity ratio of 0.19. Applied Industrial Technologies, Inc. has a 52 week low of $238.34 and a 52 week high of $352.76. The stock has a market cap of $12.77 billion, a PE ratio of 32.63, a PEG ratio of 2.98 and a beta of 0.84. The business has a 50 day moving average of $327.60 and a 200-day moving average of $298.11.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 annualized dividend and a yield of 0.6%. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 19.26%.

Analyst Ratings Changes

A number of equities analysts have issued reports on AIT shares. DA Davidson initiated coverage on shares of Applied Industrial Technologies in a research report on Tuesday, June 16th. They issued a "buy" rating and a $380.00 price objective on the stock. Wall Street Zen lowered shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. KeyCorp raised their target price on Applied Industrial Technologies from $350.00 to $375.00 and gave the stock an "overweight" rating in a research note on Monday, July 13th. Mizuho boosted their price target on Applied Industrial Technologies from $330.00 to $355.00 and gave the company an "outperform" rating in a report on Tuesday, July 21st. Finally, Robert W. Baird set a $317.00 price target on Applied Industrial Technologies in a research report on Wednesday, April 29th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Applied Industrial Technologies presently has an average rating of "Moderate Buy" and an average target price of $336.71.

Applied Industrial Technologies Profile

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.

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